Ghana’s informal sector recorded expansion in 2019; now worth GHC45.2 billion
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Ghana’s informal sector recorded expansion in 2019; now worth GHC45.2 billion

- Ghana's informal sector grew by 5.9% to GHC45.2 billion in the year 2019

- All economic informal sector-related economic activities were also valued at GHC92.5 billion in the same year

- The growth rates for the last three years have also been valued at 4.6% for 2017, 7.5% for 2018 and 6.1% for 2019

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The Ghana Statistical Service (GSS) has revealed that the country’s informal sector grew by 5.9% in 2019.

The sector recorded a value of GHC45.2 billion, which is on record as the second-highest after the economy was rebased.

Using 2013 as the base year to calculate Ghana’s economic year, the value of the informal sector is its highest in the last three years.

Ghana’s informal sector recorded expansion in 2019; now worth GHC45.2 billion

Professor Samuel Kobina Annim, Head of the Ghana Statistical Service Source: ucc.edu.com.gh
Source: UGC

READ ALSO: Ghana's economy grew by 6.5% in 2019 - Ghana Statistical Service

Citibusinessnews.com reports that the value of all economic activities recorded in the informal sector, which largely involves the buying and selling of various goods for last year, reached GHC92.5 billion.

YEN.com.gh understands that it represents an increase of 26.5% compared to the 2018 figure of 27%.

Information available also shows that the total value of indirect taxes, with 2013 as the base year, reached GHC9.09 billion.

This is on record as the highest value recorded compared to 7.96% and GHC8.56 billion recorded in 2017 and 2018 respectively.

The growth rates for the last three years were 4.6% for 2017, 7.5% for 2018 and 6.1% for 2019.

YEN.com.gh earlier reported that the rate of inflation for March 2020 remained the same as that of the previous month.

The unchanged rate of 7.8% implies that the prices of goods and services remained the same.

Per a report by the Ghana Statistical Service (GSS), month-on-month inflation between February 2020 and March 2020 was however 0.8%.

READ ALSO: Ghana's economy ranked as one of Africa's best options for growth

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Source: Yen

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